With today's technology it is possible for a potential homebuyer to have an approved loan in less than 24 hours. Why is this an important advancement?

1. By knowing what you really qualify for, you can easily determine what your total monthly payments will be. Monthly payments consist of principal, interest, taxes, and insurance. These can be calculated based on the interest rates the day you qualify for the loan. You can "rate protect" at some mortgage companies against rising interest rates, and most of the time at no additional cost.
2. An approved loan, subject to appraisal, survey, and termite inspection, is a great negotiating tool. Sellers dread this scenario: a contract is negotiated, the home has been taken off the market, the sellers have made plans to move and perhaps even committed to a new home themselves, and the mortgage company turns down the buyer's loan three weeks later. Put yourself in a seller's shoes. Wouldn't you be much more inclined to accept an offer from a pre-approved buyer, than to take a chance on the unknown?
3. In the case of multiple offers, it is our experience that the cash buyer wins. In effect, when you have a pre-approved loan, you are the cash buyer.
4. It is very likely you can be in your new home much quicker. With a pre-approved loan, the appraisal and survey are the major items still required. If they can be done quickly, you could be moved in within two weeks of finalizing your contracts. This can mean a lot to a family living out of suitcases and in small quarters, right?

It is our recommendation that you obtain a pre-approved loan before making an offer on a property. You can obtain the names of mortgage companies from the phone book, or call one of these:

Whitney Bank
1-800-844-4450
Whitney Bank Mortgages

Regions Bank
1-800-986-2462
Regions Bank Mortgages

Army Aviation Center Federal Credit Union
1-800-448-4096
Army Aviation Center Federal Credit Union Mortgages

Bank of America
1-888-293-0264
Bank of America Mortgages

BankTrust
1-800-278-8725
BankTrust Mortgages

Colonial Bank
1-877-502-2265
Colonial Bank Mortgages

Compass Bank
1-888-475-4256
Compass Bank Mortgages

Eglin Federal Credit Union
1-800-367-6159 ext. 1830
Eglin Federal Credit Union Mortgages

First City Bank
1-888-244-5151
First City Bank Mortgages

First National Bank of Florida
1-800-277-0995
First National Bank of Florida Mortgages

Mortgage One of the South, Inc.
1-850-796-2100
Mortgage On of the South Mortgages

Okaloosa County Teachers' Federal Credit Union
1-850-682-2225
Okaloosa County Teachers' Federal Credit Union Mortgages

Peoples' First Community Bank
1-800-624-9699
Peoples' First Community Bank Mortgages

Peoples' National Bank
1-866-678-5562
Peoples' National Bank Mortgages

SunTrust Mortgage
1-800-786-8787
SunTrust Mortgages

Trustmark National Bank
1-800-844-2000 ext. 5150
Trustmark National Bank Mortgages

Tyndall Federal Credit Union
1-888-896-3255 ext. 8150
Tyndall Federal Credit Union Mortgages

Coastal Bank and Trust
1-850-689-1400
Coastal Bank and Trust Mortgages

Wells Fargo
1-877-937-9357
Wells Fargo Mortgages

Click here to see what the lender will need for the loan application.

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